Flex LNG (NYSE:FLNG) Issues Quarterly Earnings Results

Key Points

• Flex LNG exceeded quarterly expectations, reporting EPS of $0.79 versus the $0.62 consensus estimate and revenue of $106.80 million versus $93.53 million expected. Net margin was 22.26%, while return on equity reached 12.15%.
• Shares opened at $31.07, with the stock trading between a 52-week range of $24.00 and $33.40. Flex LNG has a $1.68 billion market capitalization and a debt-to-equity ratio of 2.45.
• Analyst sentiment remains cautious: two analysts rate the stock Hold and two rate it Sell, resulting in an average “Reduce” rating and a consensus price target of $24.00.

Flex LNG (NYSE:FLNG - Get Free Report) announced its earnings results on Wednesday. The company reported $0.79 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.62 by $0.17, FiscalAI reports. The company had revenue of $106.80 million for the quarter, compared to the consensus estimate of $93.53 million. Flex LNG had a net margin of 22.26% and a return on equity of 12.15%.

Flex LNG Stock Performance

Shares of Flex LNG stock opened at $31.07 on Wednesday. The company has a debt-to-equity ratio of 2.45, a current ratio of 2.72 and a quick ratio of 2.69. The firm has a 50 day simple moving average of $30.33 and a 200 day simple moving average of $29.94. Flex LNG has a fifty-two week low of $24.00 and a fifty-two week high of $33.40. The firm has a market cap of $1.68 billion, a P/E ratio of 22.19 and a beta of 0.20.

Hedge Funds Weigh In On Flex LNG

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. The Manufacturers Life Insurance Company grew its position in shares of Flex LNG by 4.2% in the second quarter. The Manufacturers Life Insurance Company now owns 10,359 shares of the company's stock valued at $228,000 after purchasing an additional 416 shares during the period. Millennium Management LLC lifted its stake in shares of Flex LNG by 0.6% in the fourth quarter. Millennium Management LLC now owns 92,459 shares of the company's stock worth $2,307,000 after buying an additional 549 shares in the last quarter. Invesco Ltd. lifted its stake in shares of Flex LNG by 3.6% in the second quarter. Invesco Ltd. now owns 22,471 shares of the company's stock worth $494,000 after buying an additional 784 shares in the last quarter. American Financial Group Inc. boosted its position in Flex LNG by 6.5% during the fourth quarter. American Financial Group Inc. now owns 16,500 shares of the company's stock worth $412,000 after acquiring an additional 1,000 shares during the last quarter. Finally, NewEdge Advisors LLC grew its stake in Flex LNG by 13.4% during the 4th quarter. NewEdge Advisors LLC now owns 9,382 shares of the company's stock valued at $234,000 after acquiring an additional 1,110 shares in the last quarter.

Analyst Upgrades and Downgrades

A number of research analysts have commented on FLNG shares. Kepler Capital Markets set a $25.00 target price on Flex LNG and gave the company a "reduce" rating in a research note on Thursday, May 14th. Wall Street Zen downgraded shares of Flex LNG from a "hold" rating to a "sell" rating in a report on Saturday, July 18th. Pareto Securities cut Flex LNG from a "buy" rating to a "sell" rating in a research report on Wednesday, May 13th. Finally, Weiss Ratings reissued a "hold (c)" rating on shares of Flex LNG in a research report on Wednesday, July 8th. Two analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, Flex LNG has an average rating of "Reduce" and a consensus price target of $24.00.

Flex LNG Company Profile

Flex LNG Ltd is a Bermuda-registered owner and operator of liquefied natural gas (LNG) carriers, offering shipping services to major energy producers and utilities worldwide. Since its establishment in 2006, the company has focused on building a versatile fleet of modern, eco-efficient LNG vessels designed to meet the growing global demand for lower-emission fuel transportation.

The company's core activities encompass time-charter contracts, long-term transportation agreements and spot market voyages.

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